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Cryptographic markets have extended yesterday's losses to today, with most of the major cryptocurrencies traded slightly at the time of writing. Bitcoin and Ethereum have both established levels of resistance in recent days and continue to meet these levels.
Although markets are expressing some levels of stability around their current price levels, one analyst believes that further losses may be needed to stimulate a rally.
Crypto Markets Flat, Face Growing Resistance
In recent days, the markets have been captured by close bargaining, with Bitcoin trading between $ 3,700 and $ 4,000 and Ethereum captured in a slightly wider range between $ 130 and $ 156.
The upper extremity of both these ranges seems to have been established as resistance levels that have not yet been broken by the bulls.
Yesterday, The Crypto Dog, a famous cryptanalute analyst on Twitter, he said his Followers that Ethereum faces a strong resistance around 0.04 BTC (around $ 151), which is slightly higher than the point where Ethereum is currently on the market.
"$ ETH / $ USD is not going to be parabolic, not without BTC $ making a major push … $ ETH / $ BTC is facing serious resistance at .04, it is unlikely to cross it on the first try," he said.
In addition, The Crypto Dog later has explained which is not going long on Bitcoin until its price drops, aiming for declining trading volume and largely ignoring the possibility that Bitcoin will form a reverse inversion of the head and shoulders.
"I love being excited about the head and shoulder reversal as much as the next, but until we see a change in this trend of volume decline, I'd like to lower ourselves before trying long BTC," he explained to his followers.
The stock market picks up from yesterday's Dive
Yesterday, all major benchmarks fell significantly, driven primarily by a revision of Apple's Q1 guidance that reported a significant economic slowdown in China. This news precipitated Apple's actions, worrying investors of the future of global markets.
Despite this, the shares met today after Federal Reserve Chairman Jerome Powell said the central bank will be more patient in raising interest rates and more sensitive to current market conditions.
Powell's comments boosted the Dow by more than 3% to 23,389, the S & P rose by almost 3.2% to 2,525, and the Nasdaq to rise above 4% to 6,722.
"As always, there is no established path to politics … And in particular with muted inflation readings we have seen, we will be patient as we watch to see how the economy evolves," Powell explained.
He also explained that the Fed is monitoring economic growth and inflation, and that they are ready to adjust their policy in order to maintain economic expansion on the track and keep inflation close to 2% .
"But what I do know is that we will be ready to adapt the policy quickly and flexibly and use all our tools to support the economy should be appropriate to keep the expansion on track, to keep the market strong. work and to keep inflation close to 2 percent, "Powell said.
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